Foreign exchange translation gains lift Dangote Cement’s income to N1 trillion

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Revenue accelerated more than one-third to N2.2 trillion, driven by hikes in the prices of products in a year Dangote Cement produced less, the company's latest annual audited report showed.

SPECIAL REPORT: Rape survivors demand justice as Kano fails to domesticate important lawsHerbert Wigwe from afar, By Kenneth AmaeshiCounting days, World War III enthusiast, Macron will leave, By Owei LakemfaSPECIAL REPORT: Rape survivors demand justice as Kano fails to domesticate important lawsHerbert Wigwe from afar, By Kenneth AmaeshiCounting days, World War III enthusiast, Macron will leave, By Owei LakemfaRevenue accelerated more than one-third to N2.

The fall of the Naira, whose exchange rate to the US currency has been increasingly high in past months, has tipped hordes of businesses into loss while putting some multinationals to flight. Sub-Saharan Africa’s biggest cement producer has footprints in nine countries on the continent outside its base in Nigeria, according to its website.

Pre-tax profit jumped 5.5 per cent to N553.1 billion, while profit after tax climbed to N455.6 billion, up from N382.3 billion.

Source: News Formal (newsformal.com)

 

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